This lesson examined various economic systems, including traditional, command, market, and mixed economies. As you know, you live in a nation with a mixed economy. Think about its advantages and disadvantages. If you could bring in any components of a command economy and incorporate them here, what would they be, and why? Describe the strengths of your choice, and explain what weakness of the mixed economy it might address.

Partnerships are the most common type of business firms in the world. t/f

An important application of regression analysis in accounting is in the estimation of cost. by collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. consider the following sample of production volumes and total cost data for a manufacturing operation. production volume (units) total cost ($) 400 4000 450 5000 550 5400 600 5900 700 6400 750 7000 compute b 1 and b 0 (to 2 decimals if necessary). b 1 b 0 complete the estimated regression equation (to 2 decimals if necessary). = + x what is the variable cost per unit produced (to 1 decimal)? $ compute the coefficient of determination (to 4 decimals). note: report r 2 between 0 and 1. r 2 = what percentage of the variation in total cost can be explained by the production volume (to 2 decimals)? % the company's production schedule shows 500 units must be produced next month. what is the estimated total cost for this operation (to 2 decimals)? $

True or false: a fitted model with more predictors will necessarily have a lower training set error than a model with fewer predictors.